Just answer the 2-5 and 1 and 2 for problem 3. thank you! Don't answer the fact patter silent co.

Installment Saves ivicinua 453 2. Which of the following methods of recognizing revenue is in Installment accounts receivable - Jan. 1, 20x1 accordance with the principles of the PFRSs? Installment sales . Cost of sales 1,000,000 Installment sales method Cost recovery method (Taditional) 800,000 a. Yes Yes Installment accounts receivable - Dec. 31, 20x1 600,000 b. No Yes c. Yes No How much are the realized gross profit in 20x1 and the deferred d. No No gross profit on Dec. 31, 20x1, respectively? a. 80,000; 60,000 c. 60,000; 80,000 . 3. Which of the following equations is incorrect regarding the b. 80,000; 120,000 d. 120,000; 80,000 installment sales method? a. Realized gross profit = Gross profit rate x Collection 2. Dinner Co. uses the "installment sales method." Dinner Co.'s b. Ending receivable = Sale price - Collection records show the following balances: . c. Deferred gross profit = Ending receivable x Gross profit Installment receivable - beg. Deferred gross profit (before year-end adjustment) rate 200,000 d. Gross profit rate = Ending receivable + Deferred gross Collections during the year Gross profit rate based on sales 400,000 20% profit 4. Merchandise received as trade-in is recognized at How much is the ending balance of the installment receivable? a. 1,000,000 c. current cost. b. 800,000 c. 600,000 d. 400,000 a. trade-in value. b. fair value. d. original cost. Fact pattern 5. Cash collection is a critical event for income recognition in the Silent Night Co. uses the "installment sales method." Silent Night Cost recovery method (Traditional) sells an inventory costing P750,000 for P1,000,000. Installment sales method a. Yes Yes 3. If Silent Night Co. reports deferred gross profit of P200,000 at b. No Yes year-end, how much are the total collections during the year? c. Yes No a. 800,000 b. 600,000 c. 200,000 d. 50,000 d. No No (AICPA) 4. If Silent Night Co. reports deferred gross profit of P200,000 at year-end, how much is the realized gross profit during the year? PROBLEM 3: MULTIPLE CHOICE - COMPUTATIONAL a. 800,000 b. 600,000 c. 200,000 d. 50,000 Installment sales method 1. Lunch Co. uses the "installment sales method." Lunch Ca 5. If Silent Night Co. recognizes realized gross profit of P220,000, records show the following balances: how much is the ending balance of deferred gross profit? a. 200,000 b. 75,000 c. 50,000 d. 30,000